This is IYR, a chart of the real estate index............looks like a screaming sell to me, overbought, kissing the 200 day MA, and forming the right shoulder of a textbook H&S pattern...
Wednesday, July 1, 2009
Real Estate recovering?
This is IYR, a chart of the real estate index............looks like a screaming sell to me, overbought, kissing the 200 day MA, and forming the right shoulder of a textbook H&S pattern...
Euro/Yen
This is just a secondary indicator I like to use to confirm stock market movements. It is a measure of risk. If it is rising the currency markets believe the economy to be healthy. Right now it is looking rather toppy and could be setting up for a fall......bad for the stock market
Market very toppy.....
Market is looking very toppy, I'm looking to add a few short positions before the close today.....stops should be tightened up on any open longs
Short Oil?
Oil is looking like a good short right now....this could be a sign that this rally is nearing completion.....
I'm going short with a stop at $38.95
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